Zee Shares Gain After 5.47% Equity Changes Hands In Large Trades
OFI Global China Fund and other funds managed by Invesco had offloaded 7.8% stake in Zee Entertainment in April.
Shares of Zee Entertainment Enterprises Ltd. gained after large trades amid reports of investment firm Invesco offloading part of its stake.
Around 5.47% equity, or 5.25 crore shares of Zee, exchanged hands in four block deals on the National Stock Exchange according to Bloomberg data.
The buyers and sellers weren't immediately known. However, media reports citing terms of the deal said that Invesco was looking to sell shares worth up to Rs 1,380 crore in Punit Goenka-led company.
Invesco didn't immediately respond to BQ Prime's emailed queries.
Kotak Institutional Equities was the broker for the deal, according to Bloomberg data.
OFI Global China Fund LLC and other funds managed by Invesco had offloaded 7.8% stake in April for Rs 2,092 crore. Following this, Invesco, the biggest shareholder in India's largest private television network, held at least 11% in the broadcaster.
Shares of Zee Entertainment gained as much as 6.2%, the most in about two weeks, to Rs 280.05 apiece intraday. The stock closed 2.6% higher on Tuesday.